Weekly Cryptocurrency Analysis: Altcoins Resume Bullish Trend; Cryptocurrencies Gain Traction

4 views 3:34 am 0 Comments November 21, 2023
Several cryptocurrencies have broken through additional resistance levels and risen to previous highs.

The altcoins listed below have re-established a positive trend and continue to rise. The following altcoins in the weekly cryptocurrency market analysis by Coinidol.com are:

Celestia

Celestia (TIA) is in an uptrend after recovering and rising above moving average lines. Since November 2, the altcoin has been consolidating above the $2.00 support level and is preparing for a likely breakout. On November 10, the cryptocurrency recovered and climbed to a high of $7.50. On a positive outlook, the upward trend is anticipated to persist beyond the recent peak. If buyers successfully breach the resistance at $7.50, TIA is poised to reach a pinnacle of $10.

Meanwhile, the altcoin has entered the overbought territory of the market. TIA is the best-performing cryptocurrency, and some of its characteristics are:

Current price: $7.14

Market capitalization: $7,143,312,949

Trading volume: $462,466,244

7–day gain: 80.42%

TIAUSD_(4-Hour Chart) – NOV.19.jpg

Kaspa

Kaspa (KAS) is rising steadily. The cryptocurrency’s price creates a series of higher and lower highs. The altcoin has reached the projected cost of $0.12, the 1.618 Fibonacci extension. Further gains could be hindered if the cryptocurrency enters the overbought zone of the market.

Meanwhile, the uptrend has stalled at the high of $0.15. It is still being determined whether the altcoin will rise in value. The advantages of KAS, the second best-performing cryptocurrency, are as follows: 

Current price: $0.1373 

Market capitalization: $3,942,909,518 

Trading volume: $144,217,669 

7–day gain: 56.66%

KASUSD_(Daily Chart) – NOV.19.jpg

Render

Render (RNDR) is in an uptrend with a series of higher highs and higher lows. The altcoin is approaching the projected price of $3.52. RNDR has now surpassed the historical price level of June 4. On June 4, the market reached a high of $2.80 before dropping lower due to overbought conditions. If the altcoin breaks above the current barrier, it could rise above the $3.60 mark. If the price falls below the 21-day moving average, selling pressure will increase again. The third most valuable coin, RNDR, has the following characteristics:

Current price: $3.34

Market capitalization: $1,794,932,807

Trading volume: $280,152,165

7–day gain: 35.40%

RNDRUSD_(Daily Chart) – NOV.19.jpg

Avalanche

Avalanche (AVAX) is experiencing an upswing as it overcomes its previous decline. The altcoin hit a high of $24 on Nov. 16, and the bulls are breaking through more resistance as the altcoin gains value. On the upside, the bulls are approaching the historical price level of August 10 at $30. A retraced candlestick body tested the 61.8% Fibonacci retracement level on the upswing on November 12. The retracement suggests AVAX will rise to the 1.618 Fibonacci extension or the $26.74 level.

Meanwhile, the altcoin is trading at around $21 at the time of writing. It is the fourth most valuable coin and has the following characteristics: 

Current price: $21.27 

Market capitalization: $15,312,914,482

Trading volume: $769,704,080

7–day gain: 33.44%

AVAXUSD_(Daily Chart) – NOV.19 (1).jpg

THORChain

THORChain (RUNE) is on the upswing as it recovers from its previous downturn. Since October 19, the altcoin has been steadily rising. The altcoin is about to reach its peak price of $22.50 again. Today, the altcoin reached a high of $6.51 before falling back. It is in overbought territory, with a rejection at the high of $6.50. RUNE is losing value after being rejected twice at its recent high. RUNE is the fifth most profitable cryptocurrency. The following features characterize RUNE:

Current price: $5.27

Market capitalization: $2,549,688,636

Trading volume: $342,050,215

7–day gain: 30.08%

RUNEUSD_(Daily Chart) – NOV.19.jpg

A week ago, altcoins such as FTT, LUNA, KAS, IMX, and RPL were the best-performing cryptocurrencies, as reported on November 13 by Coinidol.com. 

This article was generated with the support of AI and reviewed by an editor. For more information, see our T&C.